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Post by blanik on Jun 27, 2017 20:16:40 GMT
Mrs B put £4,800 into Core whilst containing to re-invest in Plus.
All her new Core Loans were for £40, and her Plus loans for £10 - so the loan size appears to be calculated separately for each product. However on the 27th June she lent in Plus £8.44, £5.92, £9.96 which I can presume were re-purchased RR loans - however there was also a plus loan purchased for £10.35. So this one does not fit the pattern.
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aju
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Post by aju on Jun 28, 2017 8:20:11 GMT
probably the small amount is returned money if you had a loan close, I had similar for this reason.
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ashtondav
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Post by ashtondav on Jun 28, 2017 10:14:43 GMT
Loan size depends on amount invested. Deposit £4,800 and it will go in £40 slugs. Deposit <£2,000 will go in £10 slugs.
same rules for all products.
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aju
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Post by aju on Jun 28, 2017 12:53:51 GMT
I think what blanik was saying is that his OH invested in Core and relent in Plus, so unless the relend amounts were high enough he was querying the >£10 lent. Perhaps the relend queue is a little more flexible in these circumstances.
Of course without know how much is making it to the relend queue of Plus for mrs blanik we cannot be sure. I'm pretty sure though that I have had some relend in the same product (classic and Plus) that is >£10 but not actually having >1999 in the relend queue at anyone time.
Just my own slant on this, sorry if I misunderstood you blanik.
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Greenwood2
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Post by Greenwood2 on Jun 29, 2017 10:09:33 GMT
Possibly rounds RR loans to nearest pound when calculating chunk size so less than £10.50 might be seen as £10.
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Post by misotu on Jun 29, 2017 10:39:50 GMT
I asked about the exact basis on which Zopa determines loan size on the board recently, but no-one posted back with the info so this clarification from Zopa might be helpful.
Am very keen to lend only in £10 chunks, esp since Mr M also has a Core ISA so there's a strong likelihood of he and I lending to the same borrower from time to time.
According to Zopa, the loan size doesn't depend on the total amount on offer, it's based on the amount in matching only:
Q: I'm now drip-feeding funds into the new ISA account and want to keep my loans down to £10. Completely understand that £1999 is the key figure, but I'm not sure whether that's the sum of new money + repayments + matching or whether it is just new money on offer? Or some other combination?
A: The exposure is calculated at the 'matching' phase, so as long as you don't go over £2k in there, you should keep things at £10.
Due to the varying time it takes within both the queue phase and matching phase, it's good to keep around £2k in there altogether. Even if you're topping up small amounts from your holding account, it keeps your money moving through the queue. I.e. if you have £1600 in matching, put £400 in asap to get that money moving. Chances are you'll never reach £2k actually in the matching phase because you're always creating some loans to keep it below.
I hope this helps but please let me know if you have any further questions. Kind regards Will McCain
As an aside, I think from this I am 100% certain that the calculation is product-specific, the loan size for each product being based on funds being matched in that product. It really wouldn't make sense, diversification-wise, to do it any other way and I'm sure the nice Mr McCain from Zopa would have mentioned so arcane a complication.
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Post by blanik on Jun 29, 2017 11:28:44 GMT
AJU posted in another thread p2pindependentforum.com/post/197235 that he had £1999 in both Plus and Classic, and presumably was lending out in each at £10 a time - if true the maximum loan amount is definitely calculated per product and not based on the total amount offered. Mrs B had over £100 in processing in Plus at one point, but the maximum new loan was £10, so I presumed that was her maximum loan size in Plus. A while ago Zopa previously explained to me how RR loans were split and re-allocated. If someone sells a loan of say £79, this is split into sub £10 amounts for processing - so £7.90 each, then these £7.90 are matched to lenders depending on their maximum loan amount ( so someone with a £40 max gets 4 of these £7.90 parts, and ends up with a £31.60 loan). This makes perfect sense as RR's would be spread fairly between all lenders and not just those offering enough with a sufficient maximum loan size to purchase the RR in full. So I still can't see a reason why she got the £10.35. But not going to loose any sleep over it! edit : just x-posted with misotu, who confirmed it is the amount in processing that matters. |
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aju
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Post by aju on Jun 29, 2017 13:48:26 GMT
AJU posted in another thread p2pindependentforum.com/post/197235 that he had £1999 in both Plus and Classic, and presumably was lending out in each at £10 a time - if true the maximum loan amount is definitely calculated per product and not based on the total amount offered. Mrs B had over £100 in processing in Plus at one point, but the maximum new loan was £10, so I presumed that was her maximum loan size in Plus. A while ago Zopa previously explained to me how RR loans were split and re-allocated. If someone sells a loan of say £79, this is split into sub £10 amounts for processing - so £7.90 each, then these £7.90 are matched to lenders depending on their maximum loan amount ( so someone with a £40 max gets 4 of these £7.90 parts, and ends up with a £31.60 loan). This makes perfect sense as RR's would be spread fairly between all lenders and not just those offering enough with a sufficient maximum loan size to purchase the RR in full. So I still can't see a reason why she got the £10.35. But not going to loose any sleep over it! edit : just x-posted with misotu, who confirmed it is the amount in processing that matters. I definitely had £1990 in both plus and core ISA offering at once and they only ended up with £10 loans across the piece. Thing is though that most of Core was lent out before the Plus started.... I've just checked my ISA statement for the exact point that Plus started lending with £1990 matching, Core still had over £600 still matching but all my loans in both still went out at £10 or less. I think zopa clarified this as such in a question I put to them and copied into these threads, i'll try and find it. Edit: I've just checked Mrs aju and here account was funded in a similar way and all loans were £10 and under with a similar matching crossover and lending rates.
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